Investing.com - The euro was trading in a narrow range against the other major currencies on Wednesday, as trade remained subdued amid ongoing uncertainty over the timing of a Spanish bailout and investor’s eyed U.S. data due out later in the session.
During European early afternoon trade, the euro was slightly lower against the U.S. dollar, with EUR/USD slipping 0.12% to 1.2902.
Sentiment on the single currency remained fragile after Spanish Prime Minister Mariano Rajoy said Tuesday that a bailout request was not imminent, despite ongoing speculation that Madrid was moving closer to requesting external financial aid.
Demand for the greenback remained underpinned after a string of weak service sector data fuelled concerns over the outlook for the global economic recovery.
A report earlier showed that the final euro zone services PMI came in at 46.1 in September, well below the 50 level which separates contraction from expansion.
The single currency was little changed against the pound, with EUR/GBP inching up 0.04% to 0.8010.
In the U.K., data showed that the service sector shed jobs for the first time in 10 months in September as growth slowed; undermining hopes for a sustained recovery in the recession hit economy.
The euro was steady against the yen and the Swiss franc, with EUR/JPY dipping 0.01% to 100.94 and EUR/CHF inching up 0.03% to 1.2101.
The shared currency gained ground against the Australian, New Zealand and Canadian dollars, with EUR/AUD up 0.35% to 1.2627, EUR/NZD gaining 0.63% to 1.5707 and EUR/CAD rising 0.19% to 1.2738.
Earlier Wednesday, official data showed that Australia posted the largest trade deficit in three-and-a-half years in August as export demand slowed, one day after the country’s central bank cut interest rates for the third time in six months.
Sentiment on the commodity linked dollars was also hit after official data showed that growth in China’s service sector moderated in September, underlining concerns over a slowdown in the world’s second largest economy.
Later in the day, the U.S. was to produce a report on ADP nonfarm payrolls, while the Institute of Supply Management was to produce data on U.S. service sector activity.
During European early afternoon trade, the euro was slightly lower against the U.S. dollar, with EUR/USD slipping 0.12% to 1.2902.
Sentiment on the single currency remained fragile after Spanish Prime Minister Mariano Rajoy said Tuesday that a bailout request was not imminent, despite ongoing speculation that Madrid was moving closer to requesting external financial aid.
Demand for the greenback remained underpinned after a string of weak service sector data fuelled concerns over the outlook for the global economic recovery.
A report earlier showed that the final euro zone services PMI came in at 46.1 in September, well below the 50 level which separates contraction from expansion.
The single currency was little changed against the pound, with EUR/GBP inching up 0.04% to 0.8010.
In the U.K., data showed that the service sector shed jobs for the first time in 10 months in September as growth slowed; undermining hopes for a sustained recovery in the recession hit economy.
The euro was steady against the yen and the Swiss franc, with EUR/JPY dipping 0.01% to 100.94 and EUR/CHF inching up 0.03% to 1.2101.
The shared currency gained ground against the Australian, New Zealand and Canadian dollars, with EUR/AUD up 0.35% to 1.2627, EUR/NZD gaining 0.63% to 1.5707 and EUR/CAD rising 0.19% to 1.2738.
Earlier Wednesday, official data showed that Australia posted the largest trade deficit in three-and-a-half years in August as export demand slowed, one day after the country’s central bank cut interest rates for the third time in six months.
Sentiment on the commodity linked dollars was also hit after official data showed that growth in China’s service sector moderated in September, underlining concerns over a slowdown in the world’s second largest economy.
Later in the day, the U.S. was to produce a report on ADP nonfarm payrolls, while the Institute of Supply Management was to produce data on U.S. service sector activity.